Why did I choose Bitcoin?
“You know what is Bitcoin?”
Me: “Yeah, I heard of it, it’s kind of game coin, right?”
This was my impression of Bitcoin in 2019. At that moment I didn’t realize that this “game coin” will stick in my life and open up a new world to me.
A new experience in financial privacy
What is financial privacy?
Banks might tell you: You shouldn’t let anyone (except us) know the password of your bank card. Then, your money will be safe (if our workers don’t steal your money or we don’t go bankrupt).
A third-party online payment platform like PayPal, Alipay, Apple pay might tell you: Binding your bank card in our platform, you will enjoy a digital payment experience where you (and us) control your money.
Unlike the conventional payment mentioned above, the understanding of privacy in Bitcoin is simple and direct: 24 words, which lock your privacy where has no custodian service and you can own your asset just by remembering those words.
Bad experience of current bank service
We wouldn't appreciate the good days without some bad ones. Although I have a keen interest in Bitcoin where brings me true privacy, I still have some prospects for traditional banks. Until one day...
I went to the bank office to do an international transfer because their application could not deal with that. A suited man took a look at the history of my spending record by scrolling up and down the screen, which made me feel like I was financially naked in front of him.
After checking my account, he asked me some awful questions such as “how much is the rent”, and he even found out my apartment plan.
But the most ridiculous is that, two hours later, without solving any problem, he began to sell me another type of bank card.
Since then, I have understood that Bitcoin is not only about privacy but also about financial freedom, in the sense that you can send any amount of funds to anyone you want without the middleman.
The stability of Bitcoin
You could take a couple of examples to disagree with me, saying that Bitcoin has decreased in value by more than 50% on 14 March 2020 and that stablecoin like USDT will perform better on stability.
However, the stability of stablecoins is different from that of Bitcoin. The former one is stable because of its price which always maintains around 1 dollar, but the stability of Bitcoin is about its dominance that all cryptocurrencies will follow up the tendency of Bitcoin.
Despite the price of Bitcoin is quite volatile in the short term, if you see it in the long term, the tendency of Bitcoin is always up since it was born.
And as the market cap is growing up and more people participate in the space, the price of Bitcoin will not have such a big change as it was before.